International Benchmark Brent lost 2% in European trade and moved off two-week highs on track for the first loss in three days on profit-taking.

Traders remain convinced that the current conflict in the Middle East won't really impact oil supplies worldwide.

Prices are also pressured by a stronger dollar against a basket of major rivals, making Brent costlier to holders of other currencies.

Brent Today

Brent fell 2% to $76.88 a barrel, with a session-high at $78.35, after rising 0.2% on Friday, the second profit in a row, hitting a two-week high at $80.72.

Brent dipped 0.6% last week, the second weekly loss in three weeks amid growing concerns about weakening global demand while cruder production in Russia and the US quickens.

Goldman Sachs

Goldman Sachs analysts said that current conflict in the Middle East won't impact oil supplies as risk remain limited.

Nonetheless, Goldman Sachs expects oil prices to rise by 20% in the first month of a potential stoppage at the Hermes strait.

The Dollar

The dollar index rose 0.2% on Monday, on track for the second profit in a row against a basket of major rivals, pressuring oil prices and other dollar-denominated gold futures.

A stronger dollar comes as investors shun risks ahead of more potent clues on the likely path ahead for global policies.